Leading Japanese Auto Captive Selects NetSol Technologies For Wholesale Finance System Implementation In Thailand

CALABASAS, Calif., March 19, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that it has signed an agreement to implement NetSol Financial Suite's Wholesale Finance System (WFS) module with a leading Japanese auto captive finance company based in Thailand. The new agreement marks NetSol's sixth major engagement win in Thailand.

"This past year, Thailand achieved record sales and production, entering the world's top 10 auto manufacturing countries as a result of government subsidies for first-time car buyers, along with pent-up demand following natural disasters in the area. Even with the subsidies coming to an end, January sales were up 63 percent over the prior period, and the outlook remains solid," said Najeeb Ghauri, CEO of NetSol.

"As auto ownership increases domestically, and as more auto manufactures and auto captives continue their expansion in Thailand and into neighboring countries, we are poised to enjoy continued growth as the only provider of an end-to-end finance and leasing solution specifically tailored for local needs," Ghauri added. "In addition, the steps we took to build out a second service and delivery center in Bangkok have proven to be a strong differentiator for NetSol and a move that enhanced our ability to provide the best service and support to our customers in the region. I congratulate the team on their new win."

The name of the company and total value of the agreement were not disclosed as per the customer's request, although NetSol said the contract includes product licenses, business processes consultancy and on-site implementation services. Additional revenue streams include maintenance, support and product enhancements.

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